The Financial Supervisory Authority of Norway has published findings from a review of Borregaard ASA’s financial reporting, focusing on disclosures in its fourth quarter 2025 interim report relating to an impairment loss on its investment in Alginor ASA. Finanstilsynet concluded that the interim report did not give users a sufficient understanding of the events and circumstances leading to the impairment, and noted that Borregaard subsequently provided supplementary disclosure in its 2025 annual financial statements, allowing the matter to be closed. Borregaard recognised an impairment loss of NOK 225 million on the Alginor investment, which is accounted for as an associate under the equity method. Finanstilsynet assessed the impairment as a significant event under IAS 34 Interim Financial Reporting and pointed to the need, in line with IAS 36 Impairment of Assets disclosure requirements, to explain the underlying events and circumstances. It highlighted that the interim report’s disclosures were general, while the impairment was quantitatively significant, amounting to about 90% of operating profit for the period and exceeding profit before taxes (NOK -28 million). A notice of decision required Borregaard to publish additional information either via a stock exchange announcement or in its 2025 annual report, and the company provided the additional disclosures in note 6 to the consolidated financial statements. Finanstilsynet stated that the case is considered concluded and indicated it expects the company to assess its handling of information in light of the EU Market Abuse Regulation’s rules on public disclosure of inside information.
Norwegian Finanstilsynet 2026-04-17
The Financial Supervisory Authority of Norway finds Borregaard’s NOK 225 million Alginor impairment disclosures insufficient and closes review after added annual-report notes
The Financial Supervisory Authority of Norway reviewed Borregaard ASA’s Q4 2025 interim reporting on a NOK 225 million impairment of its investment in Alginor ASA, concluding that disclosures did not sufficiently explain the events and circumstances leading to the impairment, which was significant relative to operating profit and profit before tax. Borregaard later provided additional information in its 2025 annual financial statements in response to a notice of decision, and the authority closed the case while signalling expectations that the company assess its information handling under the EU Market Abuse Regulation’s public disclosure rules.